AIG to Sell Life and Retirement Unit Stake to Blackstone, Another With IPO

AIG to Sell Life and Retirement Unit Stake to Blackstone, Another With IPO
A sign is displayed over the entrance to the AIG headquarters offices at financial district in New York City, on Jan. 9, 2013. Brendan McDermid/Reuters
|Updated:

American International Group Inc plans to use an IPO to sell part of its life and retirement business, while Blackstone Group Inc agreed to buy a sizeable stake, according to a person familiar with the matter.

AIG and Blackstone said on Wednesday the private equity firm would pay $2.2 billion in cash for 9.9 percent of the unit, sending the insurer’s shares more than 6 percent higher in after-market trading.